By George Ward
The day FTX started dropping, Cardano Network activity increased, according to an examination of the Cardano insights. For example, on November 8, there were over 10K unique addresses, up from the previous few months, during which there were on typically fewer than 1,500.
Santiment, a distinct crypto analytics platform, reported that throughout November 8 and 9, nearly 17K more active addresses entered the Cardano network. As a result, the network saw an unheard-of increase that day, about 392K transactions—roughly 2.5 times the usual.
Following the disruption of what was formerly one of the largest cryptocurrency exchanges, the performance of ADA over the last three days has been excellent. ADA surpassed BTC and ETH by 5% and up to 18% after gaining over 22% of its value between November 8 and November 9.
This time, discussing Solana (Cardano’s direct rival) isn’t noteworthy. Solana has lost more than half its value due to its connection to Alameda and FTX. Nevertheless, ADA has regained 18%.
According to various on-chain data, the near-zero effect on ADA could be because Cardano was not significantly affected by the collapse of FTX. Today, the absence of ADA can be explained by the death of FTX.
Cardano Network Transactions See A 75% Rise
On the Cardano blockchain, network activity recently increased dramatically. It has been the most significant number of network trades since the beginning of the month, and it started on October 19, as reported by Cardanoscan. This shows a 75% growth from one month to the next.
OpenCNFT data reported that Non-Fungible Token (NFT) sales volume rose to 3,000,000 ADA on October 17 and 2,800,000 ADA on October 18, ranking Cardano as the third-biggest NFT protocol.
Immutable X was surpassed by Cardano in the most recent 24 hours by only Ethereum and Solana, with $1.2 million in NFT trades. Full powers were made available on September 27 when the Vasil upgrade was activated on the mainnet of Cardano on September 22.
Cardano dApps experienced an enormous surge in activities, indicating the importance of the Vasil upgrade. For example, Cardano DEX Muesliswap saw a 788% increase in the engagement of customers over the previous 30 days. Moreover, with over three million daily transactions, Minswap —- the decentralized exchange of Cardano’s multi-pool, experienced its most significant transactions over the previous six months.